Bitcoin has been on the rise since the U.S. The first Exchange Traded Fund (ETF) was launched, after soaring to a record high of around $65,000 for Bitcoin last month.
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Bitcoin price has increased by around 35% since mid-September as the long-awaited noise around ETFs has intensified. Meanwhile, Ethereum, the cryptocurrency alongside Bitcoin, closed again at $4,000 for Ethereum, which caught the eye.
Now that excitement over ProShares futures has skyrocketed, bullish crypto analysts at Fundstrat Global Advisors say Bitcoin price will rise to $168,000 by the end of 2021 if demand is met with very high expectations. I think there is a way to do that.
“[T]he [new BTC ETF] More people will be able to rely on crypto,” Tom Lee, co-founder of Fundstrat Global Advisors, reported. Yahoo Finance.. “We believe that the demand for Bitcoin will exceed the entry of QQQ.” The Invesco QQQ ETF, launched in 1999, tracks the technology-intensive Nasdaq.
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According to ETF.com, the newly listed Bitcoin Futures ETF had a big day on the New York Stock Exchange, trading around $1 billion during the day, making it one of the most popular ETF launches to date. This is one thing.
With the introduction of the Bitcoin Futures ETF, the cryptocurrency market surpassed a record high of $2.5 trillion. After overtaking Bitcoin in the last 12 months, Ethereum has overtaken Bitcoin by 11% more in the last 30 days.
Bitcoin and crypto market watchers want ETFs to increase their Bitcoin trading volume and facilitate the flow of money into the digital asset. However, some warn that the price of Bitcoin could drop if traders consider cashing in after the ETF is launched.
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“Despite the sharp rise in prices, not all crypto market participants are equally optimistic,” said Alex Kuptsikevc, senior financial analyst at FxPro, in an email.
“Some now believe that this is not the start of a new phase of major growth, but rather approaching a correction. He’s aggressive when he hits a new historical high (or a series of historical highs). Because this could trigger the start of profits – from large investors who opened $30,000 positions during the recovery. ”
“There is the following point of view. [Bitcoin price] We have reduced this permission. ”
“This may be true to some extent as Bitcoin has skyrocketed to near record highs in recent weeks, but we expect Bitcoin price to continue to rise once the ETF is actually approved.” ”